‘Golden Land’ 195 Nam Ky Khoi Nghia was revoked by VAMC to handle debts

Asset Management Company of Vietnam (VAMC) has sent a notice to the Green City Joint Stock Company about the seizure of property to handle the debt of land 195 Nam Ky Khoi Nghia, District 3, HCMC.

This land was pledged by the Green City Company to borrow money from Agribank but did not repay it. Agribank then sold its debt to VAMC.

Specifically, the list of assets to be recovered includes 13 certificates of land use right and assets attached to land at the same address 195 Nam Ky Khoi Nghia, District 3, Ho Chi Minh City.

'Golden Land' 195 Nam Ky Khoi Nghia was revoked by VAMC to handle debts

‘Golden Land’ 195 Nam Ky Khoi Nghia was revoked by VAMC to handle debts

Previously, in 2007, Green City Company was the City People’s Committee. Ho Chi Minh City approved the investment project of building high-rise apartment building at 195 – 195B Nam Ky Khoi Nghia, Ward 7, District 3, HCMC. Department of Finance of HCM was assigned to evaluate the vacant land area of ​​1.008sqm of apartment 195B, the land 500sqmin villa area 195 Nam Ky Khoi Nghia.

In 2008, Green City Securities Company mortgaged this project to borrow capital from Agribank. In 2015, Agribank sold this debt to VAMC on April 4,2018, VAMC requested the Green City Company to hand over assets to VAMC before May 11, 2018 to handle the debt, but so far the company still not implemented.

In the minutes of working on June 13, 2018 between Green City, VAMC and Agribank, Green City requested the extension of one month to develop a debt repayment plan for VAMC, but the deadline which the company has not yet implemented.

As a result, VAMC announced that it will seize assets to handle bad debts. The time of seizure of collateral at 9h30 on 6 September 2018.

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